Shanghai to allow visa-free stopovers

China reporter Lucy Gao reviews the major business news making headlines every day in both the Chinese and English language press.

China Securities Journal

■ China’s economy is expected to expand 7.5 per cent this year while inflation could be kept within 4 per cent, said Yao Jinyuan, a senior researcher with the State Council, China’s Cabinet.

■ China will further provide “support" to Taiwan-based financial institutions that apply for licences to invest in mainland capital markets, as part of efforts to offer them better access to the market, a senior official of the securities regulator said.

■ China’s Gini coefficient, a widely used measure of wealth inequality, was 0.61 in 2010, according to an academic survey of 8438 households. Readings above 0.4 are used by analysts as a gauge of the potential for social disturbances.

China Daily

■ China’s banking regulator on Friday released guidelines to encourage banks to develop new financial instruments to supplement capital levels in preparation for tougher rules effective next year.

■ South China’s Guangdong province, traditionally a forerunner of reform in the country, will test out a program that will make details of officials’ assets public, as part of an effort to fight corruption.

■ A monk and his nephew in Sichuan province in south-west China have been detained for encouraging Tibetan monks to immolate themselves.

People’s Daily

■ Shanghai will allow transit passengers from 45 countries, including Australia, to stay in the city for 72 hours without a visa, following a similar policy announced by Beijing.

■ China’s installed capacities for wind power and hydropower have grown to become the world’s largest, said Liu Zhenya, president of the China Electricity Council, on Sunday.